Institutional Financial Markets Sells Strategos

March 31, 2011

On March 29, 2011, Institutional Financial Markets, Inc. (NYSE AMEX: IFMI) announced the sale to management of its investment advisory agreements relating to the Strategos Deep Value Funds, a series of closed-end distressed debt funds.


On March 29, 2011, Institutional Financial Markets, Inc. (NYSE AMEX: IFMI) announced the sale of its investment advisory agreements relating to the Strategos Deep Value Funds, a series of closed-end distressed debt funds.  The acquiring entity, owned by Strategos portfolio managers Frederick Horton and Alex Cigolle, will be named Strategos Capital Management, LLC.  Under the terms of the agreement, Strategos will pay a purchase price equal to 10% of all revenue earned between the closing date and December 31, 2014.  During the first quarter of 2015, Institutional Financial will have the option to purchase a right to receive 10% of all revenue earned thereafter by Strategos for a purchase price equal to 20% of the revenue earned between January 1, 2014 and December 31, 2014.  Institutional Financial is a financial services company specializing in credit-related fixed income investments.  Strategos is a Philadelphia-based fixed income investment manager with expertise in the structured credit sector.

To read the press release, please click here.


Categories

Hedge Fund M&A, Investment Manager M&A, Transactions